EDGMONT — The Edgmont Golf Club filed for Chapter 11 bankruptcy last month, citing a stagnant economy for falling revenues.

According to the filing of Oct. 28, the Edgmont Golf Club, also known as the Edgmont Country Club, the business owes more than $2.2 million to PNC Bank in the form of a line of credit and two mortgages, as well as $266,000 in unpaid real estate taxes. The 190-acre facility on West Chester Pike is located primarily in Edgmont Township, though a portion lies within Willistown Township in Chester County.

“Over the past few years, the (club has) experienced a working capital shortage resulting primarily from the economic downturn which caused a decrease in the number of members and reduced play of the golf course which has resulted in lower revenues,” Chief Financial Officer Peter Mariani wrote in filing papers. “As a result of the lower revenues, the (club) encountered significant challenges in servicing their secured debt and timely paying their vendors.”

In a Friday afternoon phone interview, Mariani said that aggressive debt pursuit from PNC Bank, including legal action in the Court of Common Pleas early this year, forced the club to take the action.

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“It was just a defensive move we felt we had to do to protect the property,” Mariani said of the bankruptcy filing.

He also said that the club’s leadership views the bankruptcy filing as a reorganization move and hopes to emerge as soon as possible with a better plan for paying off debts.

“We’re extremely optimistic about the future,” Mariani said. The club is still operating as it normally would, with Mariani saying that the past month has seen increased business over the past few years at the same time. None of the club’s 50 employees will be affected, aside from normal seasonal staffing changes, he said.

“We were open the day after the filing and the week after the filing,” Mariani said. “We’ll be open everyday. ... We’re really looking forward to our 2014 season.”

The private club is home to about 550 members, all of whom were notified after the filing. Mariani said that the club, which is wrapping up a celebration of its first 50 years next month, caters to local middle-class residents. The Mariani family owns and operates the course, and has been involved since its construction in 1963. A 200-seat banquet facility was opened in 1997.

In the bankruptcy filings, the club outlines its debt obligations, most of which are owed to PNC Bank. The largest single secured obligation is to PNC for a $2.2 million term note from 2005, of which the principal balance stands at $1,726,164. Also owed to PNC are another term note from 2010, with $54,249 left on the principal balance of a $100,000 note, and a $500,000 line of credit. PNC is also due about $228,000 for equipment lease financing.

The club also owes taxes to both Delaware and Chester counties, as well as local municipalities and school districts. Chester County is owed $1,998 and Delaware County is due $47,029. Willistown Township is owed $137, while Edgmont Township is owed $7,300. The Great Valley School District is due $9,232, and the Rose Tree Media School District is owed $188,362.

The club has been granted permission to continue operating throughout the bankruptcy process and also allowed to pay its employees and retain legal counsel.

“We are in the process of going through all the steps right now,” Mariani said. According to online court records, a meeting of the club’s creditors is scheduled for Tuesday.

Mariani repeated that the move was strictly a strategic maneuver to ensure the club’s longevity.

“We plan to emerge from the bankruptcy stronger than when we filed,” he said.